Rent an Apartment, Get a New BMW: Zipcar and Equity Residential Partner to Provide Car Sharing as Resident Amenity

CAMBRIDGE, MA and CHICAGO, IL (July 26, 2007) — Zipcar, the world's largest car sharing service, today announced a partnership to provide residents of Equity Residential, one of the nation's largest owners and operators of apartment properties, with exclusive access to Zipcar memberships in markets where both companies operate. In addition, Zipcars will be placed onsite at select properties in Berkeley, Boston, and Washington DC.

The partnership marks the first national agreement between a real estate operating company and a car sharing service. Equity Residential selected Zipcar as its partner-of-choice following extensive research amongst the renter population, showing that exclusive access to top services and national brands such as Zipcar would influence their decision to rent at an Equity Residential apartment community.

As increasing numbers of people seek to move to urban areas while the cost of city living continues to rise, Equity Residential turned to Zipcar in competitive rental markets to provide its residents with the freedom of a car without the cost, hassle and community impact of individual car ownership. With the convenience of Zipcar in these markets and cars slated to be onsite at several of its buildings, Equity hopes to meet the needs of existing residents and attract new residents to its communities.

"Equity Residential and Zipcar share the goal to enhance urban life in the communities we serve," said Patricia Mash, Equity Residential's Chief Revenue Officer. "When selecting an apartment, location and lifestyle are often the deciding factors. And access to shopping, theatres, restaurants, and all that communities have to offer becomes critically important. Through our partnership with Zipcar, we will be able to give our residents the freedom to enjoy their communities, while saving them the cost of a first or second family car.

According to Zipcar CEO and President Scott Griffith, Zipcar is primed to capitalize on residential properties as a burgeoning market for car sharing services. "Given the difficulty of owning a car in the city, Equity residents are a perfect fit for car sharing" he said. "We are proud that one of the country's top real estate operating companies has recognized the economic and environmental benefits Zipcar is bringing to more than 100,000 members, and we look forward to working with them to optimize our service for their residents."

The Zipcar partnership is part of Equity's recently-launched "PERKS program," an industry-leading program giving Equity residents easy access to unique offers from leading brands. Under the terms of the partnership, Zipcar will provide Equity with exclusive offers, including $75 in free driving credit to all Equity residents nationwide. The agreement will also include marketing trade, including direct mail, and co-branded collateral.

About Zipcar

Zipcar is the world's largest and fastest growing car sharing service, with more than 100,000 members and 3,000 vehicles in major metropolitan areas and colleges campuses, including Boston, New York, Chicago, San Francisco, Washington, DC, Vancouver, Toronto and London, England. As a leading urban lifestyle brand, Zipcar provides a convenient and cost effective transportation alternative for individuals, businesses and universities in 23 cities throughout North America and the United Kingdom. For more information, visit www.zipcar.com.

About Equity Residential

Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 608 properties located in 24 states and the District of Columbia, consisting of 162,532 units. For more information on Equity Residential, please visit www.equityresidential.com.